Overpriced Homes and Low-Ball Offers - Zillow Real Estate Advice

We often encounter sellers who believe that the best way to sell a house is to price it far above market value as indicated by recent comps, because they can always come down in price but can't go up. This is usually a mistake because selling a house is all about getting potential buyers in the house to see it. A house that is grossly overpriced will have few showings and in the long run will take longer to sell, and may sell for a much lower price because it was on the market so long that agents and prospective buyers assume there is something wrong with the house.

Conversely, we also run across many buyers who assume that ALL sellers overprice their homes and that the only way to get a fair price is to automatically make an offer that is way below the asking price, just on principle, and regardless of any comps we provide. The net result in many cases is an angry seller who rejects the offer and won't even give a counteroffer.

It's important to work with a Realtor that you trust, and who will provide valuable information and insights about pricing. If the house you want to buy is clearly priced well above what the comps indicate, the best you can do is present an offer that makes sense and ask your agent to tactfully include the comps with the offer so that the seller's agent can (hopefully) use that data to help the seller evaluate the offer in your favor.

Source: http://www.zillow.com/advice-thread/Overpriced-Homes-and-Low-Ball-Offers/477037/

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